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Former White House chief of staff Bill Daley announced Tuesday he formed a committee to explore a bid for Illinois governor in 2014. (Published Tuesday, Jun 11, 2013)

Updated at 4:36 PM CST on Tuesday, Jun 11, 2013

He hinted at it for months, but former White House chief of staff Bill Daley has officially taken the first step toward running for Illinois governor.

Daley announced on his website that he formed an exploratory committee that allows him to start raising money for the 2014 race.

Emanuel on Governor's Race

Chicago Mayor Rahm Emanuel reacts to news that Bill Daley has created an exploratory committee for a possible run for the statehouse. He declines to answer a question about who he may endorse. (Published Tuesday, Jun 11, 2013)

"We can no longer stand idly by while our pension debt bankrupts our schools and robs our children of a better future," he said in his video announcement posted Tuesday morning. "From the stinging injustice of inequality to the painful toll of unemployment, the people of Illinois are paying a perilous price for political failure."

Daley goes on to say that now is the time for action and urgency in the state and that's why he's considering a gubernatorial run.

Daley on House Pension Bill

Bill Daley says Illinois House Speaker Michael Madigan's pension bill is a "bold" plan that addresses a problem that is "choking" the state. (Published Thursday, May 2, 2013)

“We need a governor who gets things done,” he says, noting he's highly critical of what little got done in Springfield during the last legislative session.

Gov. Pat Quinn's campaign shot back at the comment, stating the current governor "has a strong record of getting big things done for the people of Illinois."

"Gov. Quinn continues to lead the fight for comprehensive pension reform, marriage equality and gun-safety and he will not stop fighting until these are law."

Still the former chief of staff to President Barack Obama and longtime banker and businessman knows a thing or two about political campaigns. He's the son of one former Chicago mayor, Richard J. Daley, and brother of another former mayor, Richard M. Daley.

He also notes his “we can’t wait” refrain is partially rooted in his experience helping Obama "break a similar logjam in Washington."

“When I was Chief of Staff to President Obama, the Republican Congress tried to grind the federal government to a halt. So we launched the ‘we can’t wait’ campaign. On issue after issue, President Obama took executive action when Congress failed to act. We need that same urgency in Illinois."

But Daley could be going up against the daughter in another powerhouse family. Lisa Madigan has also hinted at running, but with no decision from her camp, Daley's decision to move ahead allows him to start raising funds and creating the possibility that he could face Quinn in a March primary.